Despite Las Vegas home sales being less in June than the prior month, they were still higher than a year ago due to a substantial amount of cash acquisitions.
According to DataQuick, 4,739 new and resale houses and condominiums closed escrow in Las Vegas during June. This is down 4.7% month-over-month, but up 5.5% from June 2012.
The share of homes purchased with cash climbed to a record 60.1% of all homes sold.
Meanwhile, total June sales in the
Overall, the median price paid for new and resale homes and condos was $169,100, which is the highest for any month since December 2008 when the average home sold for $175,000. June represents the 15thstraight month where the median has risen on a yearly basis, up 35.3%.
But even though there was a price uptick in June from last year, it was still 45.8% below its November 2006 peak of $312,000.
“Recent sharp increases in the median sale price reflect price appreciation triggered by strong demand meeting a relatively low supply of homes for sale, as well as changes in market mix,” said DataQuick, a real estate information service provider based in San Diego. “Fewer of the homes reselling now are low-cost foreclosed properties, and more are move-up homes in mid- to high-priced neighborhoods.”
For example, sales of homes priced below $100,000 dropped 45.2% in June from last year, while the number of transactions below $200,000 fell 17.5% year-over-year.
Conversely, sales above $200,000 surged 86.1% on a yearly basis, due in part to home price appreciation and strong demand in mid- to high-end markets, the firm said. DataQuick also reported that properties that sold for $200,000 to $500,000—which includes many move-up purchases—increased 83.8% from a year ago, while the number of homes sold above $500,000 more than doubled by 109.1%.
